Business 1.5 Key Terms 0.0 / 5 ? Business StudiesKey TermsGCSEOCR Created by: ellishawCreated on: 04-05-17 20:08 Commodities raw materials such as coal, oil, copper, wheat and soya 1 of 19 Commodity Markets where buyers and sellers meet to exchange commodities e.g. the London Metal Exchange 2 of 19 Demand the amount consumers are willing and able to buy at a given price 3 of 19 Supply the amount sellers are willing to offer for sale at any given price 4 of 19 Shortage when the demand for a good or service is greater than the supply. When a shortage exists, prices tend to rise 5 of 19 Surplus when the demand for a good or service is less than the available supply 6 of 19 Goods Market the market for everyday products such as clothes, petrol and cinema tickets 7 of 19 Interest Rate the cost of borrowing and reward for saving, show as a percentage 8 of 19 Bank of England the central bank for the UK, responsible for monitoring banks and setting the interest rates in the UK 9 of 19 Variable Interest Rates interest rates that change over the lifetime of a loan 10 of 19 Fixed Interest Rates interest rates that stay the same over an agreed period of a loan 11 of 19 Exchange Rates the price of one currency in terms of another. It is the price of purchasing foreign currency 12 of 19 SPICED Strong Pound Imports Cheap Exports Dear 13 of 19 Export the sale of a product to a foreign buyer 14 of 19 Import a good purchased from overseas 15 of 19 Economic Activity the amount of buying and selling that takes place 16 of 19 Economic Growth an increase in the rate of economic activity in an economy, measured using GDP 17 of 19 Business Cycle fluctuations in the level of economic activity over a period of time 18 of 19 Stakeholder an individual or group with an active interest in the activities of a business 19 of 19
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